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Central Credit Register

Notice to Members who have Outstanding Loans and Loan Applicants

Members will shortly be recieving letters in relation to the Central Credit Register. Information on your loans over €500 will be uploaded to the Central Credit Register database.

The Central Credit Register is a national database that will, on request, provide:

a borrower with an individual credit report detailing their credit agreements;a lender with comprehensive information to help with credit assessments; andthe Central Bank with better insights into national trends in the provision of credit.The Credit Reporting Act 2013 requires us to process your personal and credit information for the Central Credit Register. From 30 June 2017, we will submit personal information to the Central Credit Register that we may already have about you, like:

your name;address;date of birth; andpersonal public service number (PPSN) – a very important piece of information for matching.The Central Credit Register needs this information to make sure it accurately matches your loans, including loans that you may have with other lenders. Producing a full and accurate credit report is one of the main aims of the Central Credit Register. We will also submit credit information each month about your loans, if the loan is for €500 or more.

Your loan information will be stored securely on the Central Credit Register where it will be used to create your credit report. The Central Credit Register will not calculate a score or grade for your credit report. Information will be kept on the Central Credit Register for five years after your loan is paid off.

In early 2018, credit reports will become available from the Central Credit Register. Once available, you may request your report at any time and are entitled to one free report each calendar year.

Lenders may only access your credit report:

when considering an application for a new loan;if you ask to change the terms of a loan; orif they are reviewing a loan in arrears.Employers, landlords, or any other person or entity cannot access your credit report without your written consent.

You do not need to take any action. We will shortly begin to send information on your loans to the Central Credit Register.

Latest News

Your local credit union in association with Radio Kerry are giving away €1,000 starting Monday 12th February. All you need to do is listen in and guess the magic number. Dont let the credit card blues get in the way, talk to Killarney Credit Union about a loan to consolidate your credit card debt, we have lots of loan options for you.

A delighted Ulick O Sullivan, a native of Farranfore got a surprise call last week when he was notified that he had won a brand new car in the Killarney Credit Union members draw.Ulick who is now resident in Dublin collected a brand new Ford Fiesta from Pat Sheehan, Board Chairman at a prize giving ceremony at the credit union on Saturday 20th January.Speaking about the members draw, Karena McCarthy, Killarney Credit Union Marketing Officer stated “we currently have over 2,500 members in the draw which is held twice a year. This year our prizes included a new car and prizes ranging from €250 to €1,000 cash, our next draw will take place in July 2018” she concluded.Members can apply for the members draw at any of the branches or download an application form online www.killarneycu.ie. €12 will be taken from your account twice a year as an entry fee for the members draw.The cash prize winners were Mary Quirke, Connie Brady, Joan Mulchinock, Tim O Sullivan,Mary Mulcahy, Noreen O Donoghue, Julia Casey, Denis Cronin , Annette Sheehan, Eileen O Shea, Olive Sheehy, Julie Payne, Mary T O Sullivan.Karena added “The draw is limited to members of Killarney Credit Union and anyone over the age of 18 can apply to join, so we would encourage members to sign up, if they haven’t already, as the saying goes, if you’re not in, you can’t win” she concluded.

Killarney Credit Union Chairman Pat Sheehan, left, presents the keys of a new Ford Fiesta car to Ulick O' Sullivan, Farranfore, winner of the Killarney Credit Union Members Car Draw. Also included on right are Pat Delaney, Killarney Credit Union and Dermot Moriarty, Killarney Autos

Consumers in Ireland are changing their cars more frequently than before and this trend is set to continue in 2018. The latest Carzone Motoring Report (2017) says that one in two people now change their car every five years, and 60% are planning on buying either a new or used car in 2018. With so many set on a new pair of wheels in the coming months, it’s likely that a lot will struggle to decide between a traditional car loan or a Personal Contract Plan (PCP) to help finance the purchase.

For many, headline rates on PCP agreements can at first look more attractive, but these can easily distract from the range of additional charges and a good deal of inflexibility. Essentially PCPs are lease schemes. The buyer has in effect, hired the car for a particular period of time, usually 3-5 years, while they make payments. At the end of the agreement, they will have to make a balloon payment in order to own the car.

In addition, they will need to be conscious of the mileage they are racking up, because the balloon payment, or guaranteed minimum future value (GMFV), of the car will have been calculated with their annual mileage in mind.

In contrast, with a credit union car loan, the consumer simply borrows the money to pay for a car, which they own immediately, and they can drive as much as they please. They can also sell the car on at any time they wish, should they need to, whereas they do not have this option with a PCP.

Killarney Credit Union is reporting a recent increase in queries about car loans, which could be down to weaker sterling fuelling the increase in cheaper used car imports from the UK, along with media coverage of the inflexible nature of PCPs.

“There appears to be a renewed interest in the traditional car loan due to greater flexibility and more straightforward terms and conditions” Helen Courtney Power continued. “We would encourage anyone considering buying a new or used car in 2018 to pop in or call us at Killarney Credit Union before making any decisions. We are happy to see all our members, no matter how long it has been, and of course we are always happy to chat to anyone who has never been a credit union member.”

Speaking in more detail about the differences between car loans and PCPs, Helen Courtney Power, Business Development Officer, Killarney Credit Union said: “If you arrange finance with your credit union before going shopping for a car, you are in a much stronger position. You are effectively going as a cash buyer to the car dealer, and may well be able to negotiate a better deal. At Killarney Credit Union we offer a car loan with an APR rate of 7.8%* and we also offer car insurance, through the credit union insurance website coveru.ie. Our loan is typically approved within 48 hours.”

Killarney Credit Union has also put together a checklist for anyone considering a PCP agreement before they sign the dotted line:

• Be aware that to extend the term of a PCP you may be charged a rescheduling fee.• Take note of the cap on the number of miles/kilometres you are allowed to clock up over the period of the contract.• You may be requested to commit to certain car servicing agreements.• Ensure you always enquire about additional fees and charges, you are entitled to a list of all additional charges so ask the garage for this before you sign any agreement.

For more information on PCP's and how they work check out www.consumerhelp.ie/pcp

-ENDS-

* For a €5,000, 2 year variable interest rate loan with 24 monthly repayments of €225, an interest Rate of 7.49%, a representative APR of 7.8%, the total amount payable by the member is €5,399.86. Information correct as at 16/01/18